Putin summons top Russian oilmen on Tuesday

President Vladimir Putin has called for a meeting with top managers of Russia’s leading oil producers on Tuesday, which is is expected to be dominated by low oil prices and taxation, industry sources said on Monday.

The Vedomosti business daily cited a government source as saying that while there was no solid agenda for the meeting, global oil markets, low oil prices and taxation were topics likely to be discussed.

Russia’s largest oil firms declined to comment on the meeting. Vedomosti reported Kremlin spokesman Dmitry Peskov as saying that preparations for the meeting were underway, but he declined to confirm that the event would take place on Tuesday.

Earlier this month, Russia and OPEC members Saudi Arabia, Qatar and Venezuela agreed to work on a global deal to freeze oil output at January levels if other producers follow suit in a bid to tackle the global crude glut and support prices.

Putin keeps close tabs on an energy industry that normally generates half of the state budget, which has suffered from a 70 percent fall in oil prices over the last 18 months.